Bloomberg reports that an investor is challenging the $1.36 billion acquisition by Apollo Global Management of The Fresh Market, saying that "the deal unfairly favors the buyer."
According to the story, "The proposed deal is the product of a flawed process that was 'designed to ensure the merger of Fresh Market with Apollo on terms preferential to Apollo and defendants,' the investor, John Solak, said in an April 8 complaint in federal court in Wilmington, Delaware, asking that the transaction be barred as it stands. He is seeking to represent all Fresh Market shareholders."
Neither Apollo nor The Fresh Market have commented on the lawsuit.
According to the story, "The proposed deal is the product of a flawed process that was 'designed to ensure the merger of Fresh Market with Apollo on terms preferential to Apollo and defendants,' the investor, John Solak, said in an April 8 complaint in federal court in Wilmington, Delaware, asking that the transaction be barred as it stands. He is seeking to represent all Fresh Market shareholders."
Neither Apollo nor The Fresh Market have commented on the lawsuit.
- KC's View:
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I have no idea whether this lawsuit is legit or not, but I do know this. Pretty much every time a merger or acquisition is announced, a series of press releases go out, usually from the same cadre of law firms, announcing that they are gathering plaintiffs to challenge the deal for this reason or that.
